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Becoming a Better Trader: Q&A Session

Becoming a Better Trader: Q&A Session

Paul Robinson,

Join Paul Tuesday-Friday for webinars each week, for details please see the Webinar Calendar.

In this webinar, there were many good questions asked pertaining to improving trading performance and handling various situations which we frequently face.

Here was one important question asked, “Why is trading psychology so important?” It’s the facet of trading which people overlook all too frequently, instead opting to find the magic formula for successfully navigating the market. As we frequently discuss in this webinar series, there is no one right or wrong way of making money in the market, and if a proper mindset isn’t adopted it won’t matter how good your analysis is. There are many who can identify good set-ups, but far fewer who are able to actually capitalize on them. We are our own worst enemy. But there are ways in which a trader can help position themselves to avoid many of the psychological pitfalls which come with trading. For example, having a sound trading plan is essential regardless of your experience level. By knowing how you want to trade, what you are going to trade, plan for risk management, as well as other variables; you are well prepared for different situations the market throws at you, and have effectively made certain decisions long in advance and not forced to do-so in the 'heat of battle'. This helps breed confidence, which in return gives you a better shot at successful trading. No one ever said trading is easy, but there are ways to make it easier.

See our quarterly forecasts for FX, equity indices, and commodities to see where our team of analysts see markets heading for the remainder of Q2.

---Written by Paul Robinson, Market Analyst

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You can follow Paul on Twitter at @PaulRobinonFX.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.